scorecardresearchIncome Tax Return: No tax benefits while filing belated return under the new tax regime

Income Tax Return: No tax benefits while filing belated return under the new tax regime

Updated: 11 Sep 2022, 12:00 PM IST
TL;DR.
If you haven’t filed your income tax return before the due date, you will not be eligible to pay taxes at lower rates under the new tax regime. Let’s understand what are the consequences of not filing returns before the due date.
You may be charged a penalty of  <span class='webrupee'>₹</span>5,000 if you are liable to pay tax but haven’t paid it and haven’t filed ITR.&nbsp;

You may be charged a penalty of 5,000 if you are liable to pay tax but haven’t paid it and haven’t filed ITR.